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Gold Remains Bright Spot versus the Resurgent US Dollar

Gold Remains Bright Spot versus the Resurgent US Dollar

David Rodriguez, Head of Product
ssi_GOLD_body_Picture_13.png, Gold Remains Bright Spot versus the Resurgent US Dollar

GoldWe believe we’ve seen a major turnaround in the US Dollar versus the Euro, but gold prices may actually outperform versus the Greenback as crowds remain stubbornly short.

Trade Implications – Gold: We recently saw retail forex traders turn net short Gold versus the US Dollar as it crossed above key resistance at $1350, and that gave us contrarian signal that the precious metal may head higher. There’s risk that gold may pull back at key channel resistance, but we remain modestly bullish until further notice.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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